Global Energy Transition Metals Demand Rises, Copper Faces Supply Challenges, Lithium Sees Short-Term Relief

Canadian miner Teck Resources announced in a press release on October 21 that it has received a strike notice from United Steelworkers Local 7619 at its Highland Valley Copper operations in British Columbia. Teck Resources said the notice means the union could initiate a strike as early as 8:00 a.m. Pacific Time on October 24 (23:00 Beijing time on October 24). The company added that it has contingency plans in place to ensure safe production and environmental management during any labor action. The collective agreement at Highland Valley Copper expired on September 30.

Southern Copper is evaluating a $680 million expansion of its Cuajone operation in Peru. The proposal would increase milling capacity by 33%, from 90,000 to 120,000 tonnes per day. Current estimates envisage average annual production of 55,000 tonnes of copper and 1,400 tonnes of molybdenum. The company is also studying whether capacity could eventually reach 150,000 tonnes per day. The project remains under evaluation, with no final investment decision or production schedule disclosed; its projected molybdenum output therefore cannot yet be treated as committed new supply.

MMG expects Las Bambas to produce approximately 400,000 tonnes of copper in 2026, near the upper end of its 380,000–400,000-tonne guidance. Kinsevere is also expected to reach the upper end of its 65,000–75,000-tonne copper range. However, Khoemacau’s guidance was cut to 43,000–48,000 tonnes from 48,000–53,000 tonnes following development delays and equipment availability constraints. Las Bambas produced 2,745 tonnes of contained molybdenum in the first nine months, up 33% year on year, with a molybdenum flotation column scheduled for Q4. MMG did not provide numerical full-year molybdenum guidance.